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Bills on Tax Lien Lenders and ID Verification for Plastic Cards to be Heard in Texas House This Week
Tuesday, March 24, 2015 6:50 AM

HB 1936 will be heard Tuesday in the House Business and Industry Committee. This bill requires a property owner that intends to authorize another person to pay his taxes to provide notice of his intent to the current mortgage servicer at least 10 days prior to transferring the tax lien.

The House Investments and Financial Services Committee will hear several bills of interest on Wednesday afternoon. HB 3522 and 3526 by Oscar Longoria require a merchant to verify a card holder’s identity before accepting a credit or debit or adding value to a prepaid card. If the merchant fails to do so and the transaction is fraudulent, the merchant will be liable to the cardholder or the issuing financial institution for all losses that result from the transaction.

HB 2394 by Darby protects a financial institution from having to produce records if the requesting party has not paid for them, and it cannot be penalized for failure to do so in that circumstance.

HB 1002, the identical bill to HB 831, will get a hearing on Wednesday. HB 831 was heard last week and left pending. These bills require mortgage lenders, lending under Chapter 343 of the Finance Code, to disclose home mortgage information to a surviving spouse of the borrower when presented a copy of the death certificate and an affidavit that they are the spouse of the deceased borrower.

Contact Jeff Huffman, president, Texas Credit Union Association, at 469-385-6488 or jhuffman@txcua.coop for more information.